The All Ordinaries Index (ASX: XAO) is up 0.3% today, with plenty of help from this surging ASX All Ords gold stock.
The outperforming stock in question is Medallion Metals Ltd (ASX: MM8).
Medallion Metals shares closed yesterday trading for 40.5 cents. In early morning trade on Wednesday, shares are changing hands for 43 cents apiece, up 6.2%.
Here’s what’s grabbing investor interest.
ASX All Ords gold stock jumps on historic drill results
Medallion Metals shares are charging higher after the miner announced more high-grade gold results from the Lounge Lizard gold deposit, located within its Forrestania Gold Project in Western Australia.
The latest results stem from the ASX All Ords gold stock’s ongoing evaluation of previously unreleased historical drilling at the deposit, conducted in the 1990s.
Citing the two rounds of outstanding high-grade results from Lounge Lizard that it has already reported, the miner said the latest results give it a better understanding of the geological layout.
Having integrated the legacy drilling from 212 drill holes into recently completed 3D geological modelling, Medallion Metals noted this will “greatly enhance” its exploration efforts moving forward in a system that remains open down-dip and along strike.
Top results reported from the deposits included 11 metres at 6.94 grams of gold per tonne from 50 metres, and 3 metres at 13.5g/t Au from 17 metres.
The ASX All Ords gold stock is aiming for an initial Mineral Resource Estimate (MRE) for the Forrestania Gold Project deposits in the third quarter of 2026. It noted the potential for mine life extensions beyond the current Feasibility Study.
What did Medallion Metals management say?
Commenting on the results boosting the ASX All Ords gold stock today, Medallion Metal managing director Paul Bennett said, “This latest phase of validation continues to strengthen our understanding of the Lounge Lizard mineralised system and the continuity of high-grade mineralisation beneath the historical open pit.”
Bennett added:
By integrating validated historical drilling with field mapping, the team has improved confidence in the updated geological interpretation across multiple lodes, with these results continuing to highlight the potential for additional high-grade ounces at Lounge Lizard.
Importantly, Lounge Lizard is continuing to reinforce its potential to become a near term production source as we look to build the Forrestania production profile alongside other high-grade deposits across the project tenure with the ultimate objective of extending mine life and increasing production rates beyond those outlined in the Feasibility Study.
With today’s intraday gains factored in, the Medallion Metals share price is up 43.3% since this time last year, outpacing the 3.5% one-year gains delivered by the All Ords.
The post Guess which ASX All Ords gold stock is leaping higher today on more high-grade results appeared first on The Motley Fool Australia.
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Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.